'Bermuda papers' expected after data leak

Oct 25, 2017 07:19 AM GMT+0530 | 0 Comment(s)

AFP -Financial details of some of the world's richest people are set to be published after a Bermuda-based offshore firm suffered a data breach, a British newspaper reported Wednesday.

The legal firm, Appleby, said it was bracing for documents to be published after being approached by the media network behind the Panama Papers.

The US-based International Consortium of Investigative Journalists (ICIJ) and affiliated media raised allegations against the company's operations and its clients, following information being leaked.

"Appleby has thoroughly and vigorously investigated the allegations and we are satisfied that there is no evidence of any wrongdoing, either on the part of ourselves or our clients," said the law firm, which has multiple offices in locations including Bermuda and the Cayman Islands.

"We refute any allegations which may suggest otherwise and we would be happy to cooperate fully with any legitimate and authorised investigation of the allegations by the appropriate and relevant authorities."

The expected publication of Appleby documents follows "a data security incident last year which involved some of our data being compromised," the firm said, without giving further details.

Appleby is yet to feature in a report by the ICIJ, which last year released the Panama Papers setting in motion a scandal which shook political and financial elites.

The publication of 11.5 million digital records from the Panamanian law firm Mossack Fonseca revealed how many of the world's wealthy used offshore companies to stash assets, leading to at least 150 inquiries or investigations in 79 countries as of March 2017.

The Telegraph put the Appleby case on its front page Wednesday, saying "some of the world's richest people were braced for their financial details to be exposed".

"It is understood the leak involves some of Britain's wealthiest people, who were instructing lawyers and public relations companies in an effort to protect their reputations," the newspaper said.

A "global consortium of left-leaning media organisations" is set to release the information "in the coming days," added the conservative daily.